传媒相对沪深 300 指数表现 相关报告 《传媒行业年度策略：政策与 AI 应用共振， 行业景气度高》 2025-11-26 《传媒行业分析报告：三季度业绩增长显著， 基金配置比例再次提升》 2025-11-07 《传媒行业月报：国庆档票房回落，AI 视频 模型再迎突破》 2025-10-24 联系人：李智 投资要点： 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 谷歌更新 Gemini3,11 月版号数量新高 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) ⚫ 行情回顾与估值表现：截至 2025 年 11 月 26 日，11 月传媒指数上 涨 2.46%，同期沪深 300、上证指数、创业板指分别下跌 2.65%、 2.29%、4.48%，传媒指数分别跑赢 5.11pct、4.75pct、6.94pct。 子板块中互联网广告营销板块上涨 14.64%，动漫上涨 5.88%，信 息搜索与聚合上涨 5.38%，互联网影音视频下跌 9.91%。 板块 140 只个股 78 只上涨，62 只下跌。涨幅最高的有蓝色光标、 易点天下、宣亚国际 ...

朱敏 腾讯研究院博士后 胡璇 腾讯研究院高级研究员 "能和你换张卡吗？"一句话让几个来自天南海北的年轻人，迅速熟络了起来。 在北京鸟巢举办的王者荣耀职业联赛2025总决赛现场，观众间看似平常的换卡行为 （印有选手形象的收 藏卡，兼具收藏价值与社交货币功能） ，成为理解电竞经济的一把钥匙。 基于共同兴趣的强连接构成了电竞消费的底座，并转化为可量化的宏观数据。门票在12秒内售罄，85% 以上观众来自外地乃至海外。赛事更以62,196名现场观众创下"最多观众的单场电竞赛事"吉尼斯世界纪 录。涟漪效应扩展至城市空间，周边酒店接连客满、多家商场主动延长营业时间，共同承接这股由电竞 引爆的消费浪潮。年轻观众从全国各地奔赴而至，热情不仅聚焦于赛场内的竞技对决，更投向一个融合 观赛、社交与在地消费的复合型体验场景。 这些现象共同印证一个核心事实：电竞价值已经超越赛场胜负，外溢至更广阔的社会经济领域。以此次 赛事为镜，可以清晰梳理出电竞产业的三种价值外溢路径： 作为前沿技术应用的新底座、作为激活消费 的新引擎、作为促进文化交流的新纽带。 这引出一个更深层的追问：驱动电竞持续生长并产生巨大现实 影响力的内生动力是什么？回答这一问 ...

腾讯控股（00700.HK) | 投资评级： 增持 | 主要观点： | | --- | --- | | 2025-11-25 |  财务表现 | | 报告日期： | | 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email: research@waton.co | 腾讯控股：业绩持续走强，AI投入占比上升 财务表现 业务发展 盈利预测 预计2025年营收为726,283百万元，营业利润220,183百万元，对 应2025-2027年PE为23.29、20.34、18.05倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 660,257 | 726,283 | 791,648 | 854,980 | | （+/-)% | 8.41 | 10.00 | 9.00 | 8.00 | | 营业利润 | 200,097 | 220,183 | 239,979 | 259,131 | | （+/-)% ...

10月市场收入313.59亿元 运营活动与双端产品共促增长 2025年10月，中国移动游戏市场收入达226.33亿元，环比增长5.33%，同比增长2.36%。多款头部产品通过周年庆活动与版本更新有效激发用户活跃度与付 费动力，带动市场收入回升。 海外市场方面，10月中国自主研发游戏海外市场实际销售收入为17.99亿美元，环比增长10.96%，同比增长11.90%。 中国游戏市场实际销售收入 智通财经APP获悉，伽马数据发布的《2025年10月中国游戏产业月度报告》显示，10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长 7.83%。运营活动与双端产品双轮驱动。 按不同类型看，2025年10月，中国客户端游戏市场收入为72.27亿元，环比增长1.92%，同比增长29.39%。双端互通产品数量、流水双增长。 2025年10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长7.83%。环比来看，移动游戏市场贡献主要增量，部分产品依托周年庆、版本 更新及相关活动实现有效拉新与留存；同时，《逃离鸭科夫》等单机产品表现亮眼，为单机游戏市场带来环比增量。同比方面，客户端游戏市场成 ...

气温骤降，但一股电子体育的热浪正席卷全国！ 从金秋到初冬，2025全国电子体育大赛（NEST）暨北京国际电子体育周（BIES）以新颖的"NEST+BIES"双IP联动模式，在全国点燃了无数体育爱好者 和科技潮人的激情。这场盛会不仅有对高水平竞技的追逐，更是一次全民参与的数字化体育探索。 如今，所有线上预选赛和城市选拔赛已圆满落幕，最终的热力与荣耀，即将于11月28日至30日在北京全面绽放！我们诚挚地发出邀请，一同奔赴这场数 字时代体育盛宴，不仅仅是作为观众，更是作为这场狂欢的亲历者，一起做一次未来运动员。 NEST的专业赛道，始终聚焦于虚拟体育的竞技内核。虚拟骑行、虚拟赛艇、虚拟赛车、模拟足球四大项目，全面考验着运动员的体能、技巧与策略。 其中，虚拟骑行项目的"六城联动"选拔赛成为今秋一抹亮色，这场巡回赛先后登陆北京、晋江、西安、成都、广州、上海，将高水平的竞技场直接搬进了京 东MALL、龙湖天街、上海MOHO等城市核心商圈。 专业选手在骑行台上奋力拼搏，争夺晋级名额，而围观的人群则第一次近距离感受到虚拟体育的速度与激情，这不仅是比赛，更是一场可触可感的"未 来运动"路演，成功将前沿体育科技与普通大众融入了同 ...

Core Viewpoint - Tencent's Q3 financial report demonstrates the importance of focusing on core business operations, achieving significant revenue and profit growth driven by AI integration [3][6][7]. Financial Performance - Tencent reported Q3 revenue of 192.87 billion RMB, a 15% increase from 167.19 billion RMB in the same period last year [5][6]. - Operating profit reached 63.55 billion RMB, up 19% year-on-year, while adjusted net profit was 70.55 billion RMB, reflecting an 18% increase [5][6]. - For the first three quarters of 2025, total revenue amounted to 557.39 billion RMB, a 14% increase compared to 487.81 billion RMB in 2024 [5]. AI Contribution - AI was mentioned 11 times in the financial report, highlighting its significant role in revenue and gross profit growth [7][8]. - AI-driven advertising technology contributed to a substantial increase in advertising revenue, with click-through rates rising from historical averages of 0.1% for banner ads to as high as 3.0% for AI-enhanced ads [19][24]. - The gaming sector also benefited from AI, with user engagement and internal process efficiency improving due to AI investments [22]. Business Segments - Tencent's gaming revenue was 63.6 billion RMB, with domestic game revenue at 42.8 billion RMB (up 15%) and international game revenue at 20.8 billion RMB (up 43.4%) [13][14]. - Financial technology and enterprise services generated 58.2 billion RMB, a 10% increase year-on-year, while advertising revenue reached 36.2 billion RMB, growing by 21% [14][21]. - Social network revenue was 32.3 billion RMB, with a modest growth of 5%, indicating a stable but slowing user base [15]. Strategic Positioning - Tencent's approach contrasts with other tech giants, as it reduced capital expenditures by over 32% to 12.98 billion RMB, focusing on integrating AI into existing ecosystems rather than aggressive infrastructure investments [24][25]. - The company emphasizes enhancing user experience and operational efficiency through AI, rather than competing in AI infrastructure spending [25][29]. - The competitive landscape is evolving, with companies like Alibaba and ByteDance pursuing aggressive AI strategies, while Tencent adopts a more cautious and integrated approach [29][30].

Core Insights - The Chinese film and gaming market experienced a decline in revenue year-on-year due to high base effects, while the advertising market showed stable growth with significant investment in telecommunications and other sectors. The AI field is rapidly advancing, shifting from technical competition to ecosystem building and scenario penetration [1]. Film Industry - The film supply remains stable, but the overall box office revenue saw a year-on-year decline. In October 2025, the national box office reached 2.612 billion yuan (including service fees), a decrease of 27.94% year-on-year and 1.88% month-on-month. The film "The Volunteers: Blood and Peace" led the monthly box office with 525 million yuan, accounting for 22.4% of the total [2]. Gaming Industry - The gaming market experienced a slight year-on-year decline due to high base effects. In September 2025, the actual sales revenue of the domestic gaming market was 29.679 billion yuan, down 2.13% year-on-year. Self-developed games generated 1.621 billion USD in overseas revenue, a decrease of 4.82%. Mobile game revenue was 21.488 billion yuan, down 2.31%, while client games performed well with a revenue of 7.009 billion yuan, up 25.49%. Tencent's games dominated the iOS revenue chart in China [3]. Advertising Market - The overall advertising market showed stable growth, with a year-on-year increase of 3.5% in spending from January to September 2025. In September alone, advertising spending rose by 12.7% year-on-year and 0.7% month-on-month. Notable increases in advertising spending were observed in telecommunications, personal care, entertainment, and IT sectors, with year-on-year increases of 78.9%, 42.1%, 38.9%, and 22.2% respectively. Conversely, the pharmaceutical, alcoholic beverages, and cosmetics sectors saw declines of -17.4%, -12.7%, and -4.8% respectively [4]. AI Industry - The iteration of large models is accelerating, promoting the practical application of technology and ecosystem building. Companies like OpenAI and Google are advancing multimodal and secure applications. OpenAI released Sora2 and ChatGPT Atlas, while Google launched Veo3.1 integrated into the Gemini ecosystem, showcasing systematic development in generative AI. In China, DeepSeek introduced DeepSeek-OCR, reflecting trends in model lightweighting and multimodal integration. The AI industry is transitioning from competition in model capabilities to ecosystem building and scenario penetration, with applications expected to accelerate in education, creativity, development, and security [5]. Investment Recommendations - With the continuous iteration of foundational large model capabilities, AI applications are beginning to show a solid technological foundation for development. The ongoing exploration of AI across various industries is expected to bring transformative impacts. Companies to watch include Tencent Holdings, Alibaba, Kuaishou-W, Zhiwei Buy, and Kunlun Wanwei. The gaming market is expected to maintain high levels of prosperity, with several companies launching new products, making companies like Bilibili-W, Giant Network, G-bits, Perfect World, and 37 Interactive Entertainment worth monitoring [6].

周报 市场信心修复中，结构表现分化显著 互联网行业 2025-11-18 星期二 【行情回顾】 研究部 姓名：李承儒 SFC：BLN914 电话：0755-21519182 Email：licr@gyzq.com.hk 请务必阅读免责条款 上周（2025 年 11 月 10 日-2025 年 11 月 14 日），恒生指数周涨跌幅为 +1.62%，恒生科技指数周涨跌幅为-0.42%。美股方面，上周道指、标普 500、纳指周涨跌幅分别为+0.34%、+0.08%、-0.45%，纳斯达克互联网指 数周涨跌幅-0.99%，纳斯达克中国金龙指数周涨跌幅为-2.51%， 截至 2025 年 11 月 14 日，软件与服务板块 PE-TTM 为 26.4x；软件与服 务板块 PS-TTM 为 5.2x。 上周 WIND 一级行业中，资讯科技行业周涨跌幅为+0.21%。而二级行业 中，软件板块涨跌幅为+0.27%，媒体板块涨跌幅为-5.04 %。 中概股板块中，互联网电商、互联网金融、互联网云计算表现为下跌。 目前纳斯达克 100 指数动态 PE 估值约 35.8x 商汤空间智能大模型系列 SenseNova-SI 正式开 ...

Core Insights - The "Suning E-commerce Cup Jiangsu City E-sports League Test Match" will take place from November 22 to 23, aiming to accumulate experience for future leagues and explore new integration models between e-sports, urban culture, sports industry, and digital economy [1][3] Group 1: Event Details - The first match will be held in Nanjing, featuring teams from Nanjing and Suzhou competing in popular games such as "Honor of Kings," "Valorant," "Hearthstone," and "Overwatch" [1] - The second match will occur in Yangzhou on November 23, with teams from Yangzhou and Taizhou competing in games like "Teamfight Tactics," "FIFA Online 4," and "Naraka: Bladepoint" [1] Group 2: Audience Engagement - The event caters to both mobile and PC gamers, allowing offline audiences to reserve seats via the Suning E-commerce WeChat mini-program and online viewers to watch through platforms like Suning E-commerce video account, Huya Live, and Bilibili [3] Group 3: Industry Impact - The test match is expected to provide significant insights for the e-sports industry towards standardization, scaling, and industrialization [3] - Suning E-commerce aims to leverage its store network and experiential advantages to enhance regional consumption, boost urban economies, and enrich cultural life through digital and youthful initiatives [4]

Key Insights - The report highlights the rapid development of the AI industry and its positive impact on the media sector, particularly in gaming and film, driven by favorable policies and technological advancements [1][2][6] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai Composite Index's increase of 18.07% [15][16] - The gaming sector has shown significant growth, with a year-on-year revenue increase of 24.4% and a net profit growth of 88.61% in the first three quarters of 2025 [28][34] - The film industry has benefited from blockbuster films, with total box office revenue reaching 450.97 billion yuan, a 15.44% increase compared to the previous year [76][78] - The advertising sector is experiencing moderate growth, with a revenue increase of 5.97% in the first three quarters of 2025 [37] Group 1: Media Industry Overview - The media industry is experiencing a positive trend, with the gaming sector leading the growth, followed by television broadcasting and film [15][16] - The gaming sub-sector has seen a remarkable increase of 59.84%, while the film sector has grown by 19.07% [16][19] - The overall revenue for the media industry reached 3,875.61 billion yuan, reflecting a 5.58% year-on-year growth [23][24] Group 2: Gaming Sector Insights - The gaming industry has achieved a revenue of 848.14 billion yuan in the first three quarters of 2025, with a significant net profit margin of 16.31% [28][34] - The introduction of new games and the revival of existing titles have contributed to the positive growth trajectory in the gaming market [63][66] - The trend of cross-platform gaming is emerging, enhancing user engagement and revenue generation [69][71] Group 3: Film Industry Insights - The film industry is witnessing a resurgence, with a strong pipeline of upcoming films expected to drive further box office growth [76][78] - The dominance of blockbuster films is evident, with the top five films accounting for 57.06% of total box office revenue [78][79] - The average ticket price has slightly decreased to 42.1 yuan, indicating a competitive market environment [77] Group 4: Advertising Sector Insights - The advertising sector has shown stable revenue growth, with a total revenue of 1,292.33 billion yuan in the first three quarters of 2025 [37] - The sector is adapting to new marketing strategies, including programmatic advertising and innovative consumer engagement methods [37][41] - Despite the growth, the profit margins in advertising are under pressure, reflecting the competitive landscape [37][41]